Sarasota Florida Housing Market

Sarasota Florida Housing Market Update

The latest Sarasota Florida housing market statistics showed 638 properties sold for just over $395 Million during November for the North Port, Sarasota, and Bradenton areas. The highest priced sale was for a single family home on Longboat Key for $10,000,000.

Once again, inventory rose significantly compared to the same time last year. However, it is important to keep in mind inventory was extremely low last year. Like previous months, even though supply has increased, the greater Sarasota area ended the month with just over a 2 months’ supply of properties for sale. Most notable was the minimal increase in inventory from October to November which was only 7 percent.

Overall, inventory ended the month at 2,410 properties for sale which is just over half of what we normally have at this time of year. From a historical perspective, inventory prior to the pandemic was 4,175 in November 2019 and 4,942 in November of 2018. Since a healthy market would be at least 6 months’ worth of homes for sale, Sellers are still in the driver’s seat.

Whether you are buying or selling a home, it is important to keep track of local market trends. What is happening in resort destinations such as Sarasota continues to be different than other areas of the country. If you have questions about a specific area or neighborhood, contact us for more information.

Sarasota Florida Housing Market Report – Single Family Homes

November 2022 versus November 2021 Single Family Home Highlights:

Closed sales decreased 50.4 percent going from 833 transactions down to 413 sales.
Pending sales decreased 38.4 percent down from 737 last November versus 454 this November.
Inventory increased 153.1 percent up to 1,683 properties for sale compared to this same time last year when 845 homes were for sale.
New listings decreased from 767 down to 650 which was a 15.3 percent decline.
Median days on market increased to 23 days which was a 228.6 percent increase versus November of 2021.
Available inventory of single-family homes ended November with a 2.4 months’ supply of homes available for sale which was up from less than one months’ supply during November of 2021.

The median sales price for single-family homes showed a significant increase over last November, up from $419,225 to $499,000 which was a 19 percent jump. However, the median sales price decreased month-to-month going from $537,500 in October down to $499,000 in November.

Although single-family home inventory rose significantly compared to last year, up more than 150 percent, it was only up 6 percent from October. Since we normally see a jump in homes for sale as we near season (January through March), it is notable there was only a slight increase in single-family homes for sale. Additionally, there is still just a 2.4 months’ supply of homes for sale. From a historical perspective, in 2019 there were 2,560 homes (3.6 months’ supply) on the market and in 2018 there were 3,131 (4.7 months’ supply) single-family homes available for sale.

Also, the time it took for single-family homes to go to contract remained only increased slightly over October going from 20 days to 23 days which is still fast compared to a normal market. With just a 2.4 month’s supply of homes for sale it is still a Seller’s market. So, if you are thinking about selling your property in the Sarasota area, call, email or text us today – 239.370.0892 for a complimentary market analysis.

On the other hand, if you have been sitting on the sidelines waiting to buy a property, now may be a good time to start watching for properties which meet your criteria. Keep in mind there are new listings hitting the market every day, they are just going to contract rather quickly. If you want to stay up to date we can help you with automatic property alerts.

Or, if you’re not sure which community is right for you, contact us and we’ll help you identify the communities which will match the lifestyle you are seeking.

Sarasota Florida Housing Market Report – Condos and Townhomes

November 2022 versus November 2021 Condo Highlights:

Condo sales decreased 35.9 percent going from 351 real estate transactions down to 225 sales.
Pending sales decreased 35.7 percent down from 401 last November to 258 this November.
Inventory increased 144 percent up to 727 condos for sale compared to last November when there were only 298 units for sale.
New listings decreased from 396 down to 368 which was a 7.1 percent decrease.
Median days to contract was 13 days which was up from 7 days last year.
Available inventory of condos ended November with a 2.1 months’ supply of properties available for sale which was a 250 percent increase.

Similar to single family homes, there was a significant increase in inventory compared to last November. The increase in condos for sale between October and November went from 660 units up to 727 units which was a modest 10 percent increase.

Also noteworthy was the change in days on market which went down from 28 days during October back down to 13 days in November. Additionally, 66 percent of the transactions were cash deals. With low inventory, low days on market, and high buyer demand as evidenced by the number of cash transactions, we are still in a strong Seller’s market.

Bottom line, it remains a seller’s market for both condos and single-family homes. So now would be a great time to cash in on the high buyer demand. You might be surprised to learn how much your home is worth in today’s market. What is my home worth…

Whether you are buying or selling we have real estate specialists who cover the Gulf Coast from Sarasota to Naples, so if you are considering moving to the area, contact us for more information.

Sarasota Real Estate Market Reports

Naples Golf Guy Monthly Report – NEW!!!

November 2022 Sarasota Single Family Home Sales

November 2022 Sarasota Condo Sales

Homes recently listed in Southwest Florida golf communities

Begin Your Own Search for a Southwest Florida Vacation Home or Second Home:

If you are ready to begin your search for your dream home or condominium in Southwest Florida, we encourage you to explore our website to find information about communities in the area. If golf is your game, we specialize in golf community real estate.

There are more than 150 different golf communities in our area and most of them have a private golf course within the community. It can be challenging to navigate the plethora of communities, membership options, golf course design, amenities and more. We will help provide you with a list of the top private golf communities which match your lifestyle.

Also, if you are considering new construction, remember the contractor’s real estate agent represents the builder’s best interest, not yours. There is no cost for you to have an agent represent you. In fact, we may be able to help you save money and negotiate for extras which the builder may not let you know about.

Lastly, we will manage all contract negotiations via paperless transactions for your property from offer to close!

Should I use a Realtor if I’m buying New Construction?

Time to Sell Your Home?

It is a seller’s market so why should you work with a realtor? Do you have the time? There are over 180 actions required to successfully complete a real estate transaction. From scheduling showings, contract negotiations, organizing inspectors, attorneys, title companies and a mountain of paperwork.

With almost 20 years of experience helping sellers with their golf community real estate needs, we would like to share our strategy for how we are helping maximize the number of offers homeowners are receiving and ultimately higher sales prices.

As an experienced real estate team, we have made a career out of helping people sell homes in premier golf communities. As you may well know, opportunities such as today’s market for sellers only comes every so often.

Call, email or text us today for all of your real estate needs – 239.370.0892.

Why Hire a Real Estate Agent to Sell Your Home

Should I Use a Realtor or Sell on My Own?

Home Selling Tips…

Results You Can Count On

The Naples Golf Guy Team is committed to extraordinary customer service with an emphasis on detail. Professionalism, integrity, and discretion are not goals, they are standards. We collaborate with our sellers to design and implement a customized marketing campaign to present your property to the world. If you are a buyer, we are committed to helping you find the community which will allow you to live the ultimate Florida lifestyle in Paradise.